How much can your business stand to lose? It's not a happy thought, but unfortunately, that's the question you must ask yourself when deciding on insurance coverage.
According to the National Flood Insurance Program, at least 25% of businesses that close after disasters like floods never open their doors again. The average commercial flood claim stands at $89,000,1 an amount that can cripple or bankrupt a small business. Given that flooding is the #1 U.S. hazard, and floods occur in all U.S. states, floods are a serious threat to your business and livelihood. And since business insurance policies do not cover damage from flooding, a separate flood insurance policy is necessary to protect the cost of your building, equipment, inventory, and supplies.Read More